About the Index
(1) Taxable Bond Funds groupings according to CEFdata.com. (2) Removing funds with US / Non US Equity over 5% each. (3) Removing funds with non investment grade bond exposure over 35%. (4) 90-day average trade dollar $ liquidity over $200K. (5) Adding funds classified as Taxable Municipal Bond Funds on CEFdata.com. Equal weight each fund for the index. The index constituents will be rebalanced each quarter.
Index Performance
Current($) | Previous Day(%) | 1 Week(%) | 1 Month(%) | 3 Month(%) | 6 Month(%) | 1 Year(%) | 3 Year(%) | 5 Year(%) | 10 Year(%) | MTD(%) | QTD(%) | YTD(%) | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Price | 1,196.51 | 0.15 | 0.19 | 7.05 | 11.89 | 0.49 | -11.18 | -3.57 | 1.32 | 2.54 | 6.61 | 6.61 | 6.61 | ||||||
NAV | 1,179.35 | 0.05 | 0.04 | 4.29 | 8.89 | 0.17 | -11.32 | -2.01 | 1.13 | 2.82 | 4.30 | 4.30 | 4.30 | ||||||
Difference | -0.10 | -0.16 | -2.75 | -3.00 | -0.32 | -0.14 | 1.56 | -0.19 | 0.28 | -2.30 | -2.30 | -2.30 | |||||||
* Periods greater than 1 Year are annualized. ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00 |
2022 - Monthly Performance (%) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2022 | |
Price | -6.09 | -4.25 | -2.12 | -11.99 | -5.50 | -0.07 | -4.34 | -9.67 | -20.50 | 4.87 | -1.86 | -10.05 | -7.43 | 1.66 | 6.38 | -2.64 | 5.29 | -2.52 | -22.50 |
NAV | -2.34 | -2.52 | -2.76 | -7.43 | -4.40 | -0.37 | -4.74 | -9.27 | -16.01 | 3.58 | -2.23 | -5.85 | -4.64 | -0.46 | 4.56 | -0.58 | 3.47 | -1.34 | -17.13 |
Difference | 3.74 | 1.74 | -0.64 | 4.56 | 1.10 | -0.30 | -0.40 | 0.40 | 4.49 | -1.29 | -0.36 | 4.21 | 2.78 | -2.13 | -1.82 | 2.06 | -1.83 | 1.19 | 5.37 |
2021 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2021 | |
Price | -0.19 | 0.06 | 1.30 | 1.17 | 2.20 | 1.89 | 1.31 | 5.50 | 6.73 | 0.93 | 0.15 | -2.69 | -1.65 | 0.66 | -1.45 | 0.43 | -0.38 | -2.02 | 4.57 |
NAV | 0.19 | -0.45 | -0.53 | -0.79 | 1.65 | 0.84 | 0.96 | 3.50 | 2.68 | 0.86 | 0.47 | -0.96 | 0.37 | -0.42 | -0.69 | 0.82 | -0.30 | 0.06 | 2.75 |
Difference | 0.38 | -0.51 | -1.82 | -1.95 | -0.54 | -1.05 | -0.35 | -2.00 | -4.04 | -0.07 | 0.32 | 1.74 | 2.01 | -1.08 | 0.76 | 0.39 | 0.08 | 2.08 | -1.82 |
2020 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2020 | |
Price | 2.13 | -5.14 | -13.53 | -16.23 | 5.87 | 4.66 | 1.45 | 12.41 | -5.84 | 4.59 | -0.28 | -1.69 | 2.53 | -0.71 | 7.12 | 2.77 | 9.30 | 12.07 | 5.53 |
NAV | 1.78 | -0.01 | -13.10 | -11.57 | 4.38 | 2.93 | 2.25 | 9.86 | -2.85 | 3.31 | 0.50 | -0.69 | 3.11 | 0.26 | 4.60 | 2.17 | 7.15 | 10.48 | 7.33 |
Difference | -0.35 | 5.13 | 0.43 | 4.67 | -1.49 | -1.73 | 0.80 | -2.56 | 2.99 | -1.28 | 0.79 | 1.00 | 0.58 | 0.98 | -2.52 | -0.60 | -2.15 | -1.59 | 1.80 |
2019 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2019 | |
Price | 6.42 | 1.60 | 1.77 | 10.04 | 0.35 | 0.56 | 3.09 | 4.04 | 14.48 | 1.99 | -0.17 | 0.87 | 2.69 | 1.32 | 0.42 | 2.10 | 3.88 | 6.67 | 22.13 |
NAV | 3.60 | 0.75 | 1.38 | 5.82 | 0.85 | 0.91 | 2.56 | 4.38 | 10.45 | 0.88 | 0.64 | -0.15 | 1.38 | 0.79 | 0.06 | 1.46 | 2.31 | 3.73 | 14.57 |
Difference | -2.82 | -0.86 | -0.39 | -4.23 | 0.50 | 0.35 | -0.53 | 0.35 | -4.03 | -1.10 | 0.82 | -1.01 | -1.31 | -0.53 | -0.36 | -0.64 | -1.56 | -2.95 | -7.55 |
2018 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2018 | |
Price | -0.07 | -1.09 | 0.44 | -0.73 | -0.06 | -0.20 | 0.01 | -0.25 | -0.97 | 1.74 | 0.44 | -0.75 | 1.42 | -4.22 | 0.47 | -0.17 | -3.93 | -2.57 | -3.51 |
NAV | 0.67 | -1.06 | 0.18 | -0.21 | -0.54 | -0.33 | -0.76 | -1.62 | -1.83 | 1.30 | -0.59 | 0.36 | 1.06 | -1.59 | -0.22 | 0.08 | -1.73 | -0.69 | -2.51 |
Difference | 0.74 | 0.03 | -0.26 | 0.51 | -0.48 | -0.13 | -0.76 | -1.38 | -0.86 | -0.44 | -1.03 | 1.11 | -0.36 | 2.63 | -0.69 | 0.25 | 2.20 | 1.87 | 1.00 |
2017 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2017 | |
Price | 2.63 | 1.79 | -0.30 | 4.16 | 1.99 | 1.51 | 0.93 | 4.49 | 8.83 | 2.12 | 0.27 | 0.26 | 2.66 | -0.10 | -1.61 | 1.42 | -0.32 | 2.34 | 11.37 |
NAV | 1.68 | 1.56 | 0.15 | 3.42 | 1.37 | 1.31 | 0.53 | 3.24 | 6.78 | 1.33 | 1.06 | -0.04 | 2.36 | 0.45 | 0.23 | 0.66 | 1.34 | 3.74 | 10.77 |
Difference | -0.95 | -0.23 | 0.44 | -0.74 | -0.62 | -0.19 | -0.41 | -1.24 | -2.06 | -0.79 | 0.79 | -0.30 | -0.30 | 0.55 | 1.84 | -0.76 | 1.66 | 1.40 | -0.61 |
2016 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2016 | |
Price | 0.37 | 0.70 | 6.06 | 7.20 | 2.29 | 0.28 | 3.02 | 5.68 | 13.29 | 3.06 | 1.48 | -0.65 | 3.90 | -2.72 | -3.16 | 1.98 | -3.93 | -0.18 | 13.09 |
NAV | -0.06 | -0.03 | 3.16 | 3.08 | 2.17 | -0.06 | 2.21 | 4.36 | 7.57 | 2.26 | 0.70 | 0.45 | 3.43 | -0.30 | -2.90 | 0.95 | -2.27 | 1.09 | 8.74 |
Difference | -0.43 | -0.73 | -2.90 | -4.13 | -0.12 | -0.35 | -0.81 | -1.32 | -5.72 | -0.80 | -0.78 | 1.10 | -0.47 | 2.42 | 0.26 | -1.03 | 1.66 | 1.27 | -4.35 |
2015 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2015 | |
Price | 2.92 | -0.19 | -1.07 | 1.63 | 1.35 | -1.61 | -3.87 | -4.14 | -2.57 | -1.08 | -1.83 | -0.61 | -3.48 | 5.21 | -0.80 | -1.16 | 3.16 | -0.43 | -2.99 |
NAV | 1.38 | 0.10 | -0.20 | 1.28 | 0.74 | -0.58 | -1.41 | -1.25 | 0.01 | -0.27 | -1.31 | -0.95 | -2.51 | 1.80 | -0.09 | -1.56 | 0.13 | -2.39 | -2.38 |
Difference | -1.54 | 0.29 | 0.87 | -0.35 | -0.61 | 1.02 | 2.46 | 2.88 | 2.59 | 0.81 | 0.51 | -0.34 | 0.97 | -3.40 | 0.71 | -0.40 | -3.03 | -1.95 | 0.62 |
2014 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2014 | |
Price | 2.29 | 2.51 | 0.30 | 5.17 | 2.46 | 2.06 | 1.35 | 5.99 | 11.47 | -2.07 | 1.97 | -3.24 | -3.38 | 1.42 | 0.61 | -1.68 | 0.34 | -3.05 | 8.07 |
NAV | 2.09 | 1.58 | 0.67 | 4.39 | 1.51 | 1.97 | 0.70 | 4.23 | 8.81 | -0.11 | 1.41 | -1.99 | -0.71 | 1.00 | 0.21 | -1.47 | -0.28 | -0.99 | 7.73 |
Difference | -0.20 | -0.94 | 0.37 | -0.78 | -0.95 | -0.10 | -0.65 | -1.76 | -2.66 | 1.96 | -0.56 | 1.25 | 2.67 | -0.42 | -0.41 | 0.20 | -0.62 | 2.06 | -0.33 |
2013 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2013 | |
Price | 1.92 | 0.20 | -0.35 | 1.76 | 2.22 | -6.25 | -3.71 | -7.72 | -6.10 | -1.69 | -2.36 | 1.93 | -2.16 | 2.87 | -2.44 | 0.52 | 0.88 | -1.29 | -7.31 |
NAV | 0.56 | 0.77 | 0.38 | 1.72 | 1.97 | -2.56 | -3.84 | -4.45 | -2.81 | 0.60 | -1.33 | 1.61 | 0.85 | 1.69 | -0.48 | -0.71 | 0.48 | 1.34 | -1.50 |
Difference | -1.36 | 0.57 | 0.73 | -0.04 | -0.25 | 3.68 | -0.12 | 3.27 | 3.29 | 2.29 | 1.03 | -0.33 | 3.01 | -1.18 | 1.96 | -1.23 | -0.40 | 2.64 | 5.81 |
2012 - Monthly Performance (%) | |||||||||||||||||||
Jan | Feb | Mar | Q1 | Apr | May | Jun | Q2 | 1H | Jul | Aug | Sep | Q3 | Oct | Nov | Dec | Q4 | 2H | 2012 | |
Price | 3.41 | 1.80 | -1.75 | 3.43 | 2.02 | 0.23 | 1.68 | 3.98 | 7.55 | 3.74 | 1.30 | 1.33 | 6.50 | -1.35 | 0.11 | -0.60 | -1.83 | 4.55 | 12.44 |
NAV | 3.25 | 1.75 | -0.23 | 4.81 | 1.58 | -0.32 | 1.10 | 2.36 | 7.28 | 2.91 | 0.89 | 1.35 | 5.23 | 1.09 | 0.77 | 0.32 | 2.20 | 7.55 | 15.38 |
Difference | -0.16 | -0.06 | 1.52 | 1.38 | -0.45 | -0.56 | -0.58 | -1.62 | -0.26 | -0.83 | -0.41 | 0.02 | -1.26 | 2.44 | 0.66 | 0.92 | 4.03 | 3.00 | 2.94 |
Performance Chart
Discount
Characteristics
PORTFOLIO Weighted Average Data |
||||
---|---|---|---|---|
Discount -2.91% |
1Yr Disc -4.27% |
3Yr Disc -2.10% |
5Yr Disc -2.31% |
Rel Disc Range (3yr) 55.30% |
Mkt Yield 8.06% |
Lev Adj NAV Yield 6.31% |
After Tax Yield* 6.43% |
Est Tax Friction* 1.63% |
3Yr NAV Volatiliy 9.07 |
1 Yr RoC 29.19% |
3 Yr Dest RoC 29.55% |
Leverage 24.94% |
Non Lev Exp Ratio 1.13% |
Beta (2yr) 0.97 |
Equity Exposure 1.15% |
Bond Exposure 96.21% |
# Holdings 31 |
Cash Weighted Duration 6.02 |
|
Comp NAV TR -0.05% |
Comp Discount -0.50% |
Net Assets (M) 526 |
Liquidity - 90d (K) 2,217 |
|
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%. |
Asset Allocation
Constituents
31 Funds
Ticker | Name | Sponsor | Allocation | Discount | Market Yield | RoC(1yr) | Leverage | Net Assets | Liquidity (90d) |
---|---|---|---|---|---|---|---|---|---|
BHK | BR Core Bnd Tr | BlackRock | 3.23 | -4.15 | 8.07 | 19.69 | 39.20 | 625 | 2,370 |
BKT | BR Incm Tr | BlackRock | 3.19 | -4.49 | 8.15 | 44.30 | 29.60 | 290 | 910 |
BTZ | BR Cr Alloc Incm Tr | BlackRock | 3.34 | -5.67 | 9.03 | 23.12 | 34.60 | 1,105 | 4,180 |
EDD | MS Emrg Mkt Dom Dbt | Morgan Stanley | 3.27 | -13.97 | 5.98 | 0.00 | 12.36 | 358 | 891 |
FAM | FT/abrdn Glbl Opp Incm Fd | First Trust | 3.16 | -11.14 | 8.68 | 51.90 | 29.89 | 71 | 320 |
FAX | abrdn Asia-Pacific Incm Fd | abrdn | 3.32 | -13.60 | 11.54 | 44.79 | 31.83 | 820 | 3,094 |
FINS | Angel Oak Fin Stgs Incm Trm Tr | Angel Oak | 3.13 | -10.04 | 8.60 | 43.57 | 30.60 | 369 | 1,486 |
GDO | WA Glbl Corp Dfin Opp Fd | Franklin Templeton | 3.25 | -0.87 | 8.83 | 17.71 | 33.65 | 207 | 607 |
GIM | Tmp Glbl Incm Fd | Franklin Templeton | 3.10 | -8.83 | 8.32 | 0.00 | 0.00 | 500 | 1,154 |
IGI | WA Inv Grd Dfin Opp Tr | Franklin Templeton | 3.16 | -4.87 | 4.69 | 3.89 | 0.00 | 194 | 582 |
IHIT | Invsc Hi Incm 2023 Tgt Trm Fd | Invesco | 3.11 | -2.93 | 5.08 | 0.00 | 28.00 | 206 | 478 |
INSI | Insight Sel Incm Fd | Cutwater | 3.22 | -8.79 | 4.48 | 0.00 | 2.33 | 189 | 337 |
JHS | JH Incm Sec Tr | John Hancock | 3.24 | -6.86 | 4.83 | 0.00 | 40.20 | 143 | 324 |
MGF | MFS Govt Mkt Incm Tr | MFS | 3.07 | -6.15 | 7.65 | 66.31 | 0.00 | 117 | 253 |
MIN | MFS Imd Incm Tr | MFS | 3.10 | -7.21 | 9.11 | 66.48 | 0.00 | 350 | 799 |
PAI | WA Inv Grd Incm Fd | Franklin Templeton | 3.22 | -6.09 | 4.52 | 0.00 | 0.00 | 125 | 221 |
PAXS | PIMCO Access Incm Fd | PIMCO | 3.25 | -1.50 | 11.40 | 0.00 | 46.23 | 703 | 3,772 |
PCM | PCM Fund | PIMCO | 3.41 | 23.28 | 10.92 | 1.72 | 45.90 | 84 | 225 |
PDI | PIMCO Dyn Incm Fd | PIMCO | 3.39 | 12.31 | 12.95 | 0.00 | 42.51 | 4,424 | 24,326 |
PIM | Putnam Mstr Imd Incm Tr | Putnam | 3.13 | -8.10 | 8.02 | 24.85 | 0.00 | 180 | 340 |
PPT | Putnam Prmr Incm Tr | Putnam | 3.16 | -5.53 | 8.30 | 30.45 | 0.00 | 396 | 869 |
PTY | PIMCO Corp & Incm Opp Fd | PIMCO | 3.48 | 20.25 | 10.44 | 0.00 | 38.52 | 1,001 | 7,011 |
RCS | PIMCO Stgc Incm Fd | PIMCO | 3.48 | 22.44 | 10.89 | 0.16 | 38.50 | 207 | 608 |
VBF | Invsc Bnd Fd | Invesco | 3.24 | -0.06 | 4.54 | 0.60 | 0.00 | 192 | 664 |
VGI | Virtus Glbl Mlt-Sctr Incm Fd | Virtus | 3.29 | -9.75 | 11.52 | 53.27 | 30.98 | 104 | 323 |
WEA | WA Prmr Bnd Fd | Franklin Templeton | 3.17 | -5.51 | 7.11 | 0.00 | 33.81 | 140 | 463 |
WIA | WA Inf-Lnk Incm Fd | Franklin Templeton | 3.18 | -12.14 | 6.63 | 0.00 | 38.70 | 240 | 766 |
WIW | WA Inf-Lnk Opp & Incm Fd | Franklin Templeton | 3.20 | -12.03 | 7.52 | 0.00 | 37.43 | 671 | 2,056 |
BBN | BR Taxable Muni BndTr | BlackRock | 3.21 | -3.20 | 6.91 | 16.77 | 33.90 | 1,141 | 4,540 |
GBAB | Gghm Taxable Muni Bnd & Inv Grd Dbt | Guggenheim Funds | 3.16 | 2.21 | 8.82 | 22.80 | 25.37 | 375 | 1,350 |
NBB | Nuv Taxable Muni Incm Fd | Nuveen | 3.13 | -4.12 | 5.23 | 0.00 | 40.61 | 507 | 1,646 |